极氪9X交付总量已突破30,000台，单车均价超53万元。 ...

Core Viewpoint - Qualcomm's FY26Q1 performance met expectations, but the guidance for FY26Q2 fell short due to adverse impacts from memory shortages and price increases affecting downstream demand [4]. Group 1: FY26Q1 Performance - Qualcomm achieved Non-GAAP revenue of $12.252 billion in FY26Q1, slightly above Bloomberg's consensus estimate of $12.196 billion, representing a year-on-year increase of 5% [4]. - The QCT business generated $10.613 billion in revenue, also up 5% year-on-year, while the QTL business reported $1.592 billion, a 4% increase [4]. - Non-GAAP net profit for FY26Q1 was $3.781 billion, exceeding the consensus estimate of $3.690 billion, with Non-GAAP EPS at $3.50, above the expected $3.407 [4]. Group 2: FY26Q2 Guidance - Qualcomm's guidance for FY26Q2 indicates Non-GAAP revenue between $10.2 billion and $11 billion, below the consensus estimate of $11.16 billion [4]. - The projected Non-GAAP diluted EPS for FY26Q2 is between $2.45 and $2.65, compared to the consensus estimate of $2.874 [4]. - The guidance shortfall is primarily attributed to the negative impact of memory shortages and price increases on downstream demand [4]. Group 3: QCT Mobile Business - In FY26Q1, the mobile business revenue was $7.824 billion, reflecting a 3% year-on-year growth, driven by increased shipments of Snapdragon chips [5]. - Qualcomm secured a 75% supply share for high-end smartphone chips for Samsung's upcoming series, and ByteDance's AI smartphone features Qualcomm's Snapdragon Elite chips [5]. - The company anticipates that the ongoing memory chip shortage will constrain the growth of its mobile business in the short term, with FY26Q2 mobile revenue expected to be around $6 billion [5]. Group 4: QCT IoT Business - The IoT business generated $1.688 billion in revenue in FY26Q1, a 9% year-on-year increase, mainly due to higher shipments in edge networking and consumer products [6]. - Qualcomm is expanding its presence in vertical applications, launching new products at CES 2026, including the Dragonwing Q-7790 and Q-8750 for various applications [6]. - The company introduced the Snapdragon X2 Plus chip, enhancing CPU single-core performance by 35% and NPU performance by 78%, with multiple PC products based on Snapdragon showcased at CES [7]. Group 5: QCT Automotive Business - The automotive business reported $1.101 billion in revenue for FY26Q1, a 15% year-on-year increase, driven by higher shipments of vehicles equipped with Qualcomm's smart cockpit technology [8]. - Qualcomm signed a long-term supply agreement with Volkswagen Group, expanding its supply to brands like Audi and Porsche [8]. - The company is collaborating with CARIAD and Bosch to develop autonomous driving systems, indicating progress in its smart driving initiatives [8].

Core Viewpoint - The article discusses the trend of larger SUVs in the Chinese automotive market, highlighting the shift towards three-row SUVs that cater to family needs and the growing consumer preference for spacious vehicles [5][10][30]. Group 1: Market Trends - The introduction of the Tesla Model YL and the success of large three-row SUVs have significantly impacted Tesla's delivery volumes, indicating a strong consumer preference for larger vehicles [5][7]. - The trend of larger vehicles is evident, with new models like the Denza N9 and N8L showcasing lengths exceeding 5 meters, which aligns with the growing demand for spacious SUVs [7][10]. - The market share of mid-to-large SUVs has seen a notable increase, with mid-large SUVs maintaining a market share of 3%-4% since September 2022, while large SUVs remain below 2% [12][13]. Group 2: Consumer Preferences - The demand for larger SUVs is driven by family-oriented needs, where consumers prioritize space and comfort for both daily use and family outings [26][30]. - The average vehicle ownership in China is projected to reach 52.9 vehicles per 100 households by 2025, indicating a strong market for family-sized vehicles [28]. - The article emphasizes that the preference for larger vehicles is not unique to China, as similar trends are observed globally, particularly in the U.S. and Europe [33]. Group 3: Technological Factors - The increase in vehicle size is attributed to the design of electric vehicles, which require more space for battery placement, leading to wider and longer vehicle dimensions [20][21]. - Advances in battery technology have allowed for larger battery capacities in SUVs, with many new models featuring batteries exceeding 80 kWh, enhancing their range and appeal [23][24]. - The integration of battery technology into vehicle design has improved the overall space within the cabin, allowing for more comfortable seating arrangements and features [30].

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.O) [6] Core Insights - Qualcomm's FY26Q1 performance met expectations, but the guidance for FY26Q2 fell short due to adverse impacts from memory shortages and price increases affecting downstream demand [1] - FY26Q1 Non-GAAP revenue was $12.252 billion, a 5% year-over-year increase, with Non-GAAP net profit at $3.781 billion [1] - The guidance for FY26Q2 is projected Non-GAAP revenue of $10.2 to $11 billion, below the consensus estimate of $11.16 billion [1] Summary by Sections QCT Mobile Business - FY26Q1 mobile business revenue was $7.824 billion, up 3% year-over-year, driven by increased shipments of Snapdragon chips [2] - Qualcomm secured a 75% supply share for high-end smartphone chips for Samsung's upcoming series [2] - The guidance for FY26Q2 mobile revenue is approximately $6 billion, with expectations of growth being constrained by memory chip shortages [2] QCT IoT Business - FY26Q1 IoT revenue reached $1.688 billion, a 9% year-over-year increase, primarily due to higher shipments in edge networking and consumer products [3] - The company continues to expand into vertical applications in edge networking and industrial IoT, with new products launched at CES 2026 [3] - The PC segment saw the release of the Snapdragon X2 Plus chip, enhancing performance significantly [3] QCT Automotive Business - FY26Q1 automotive revenue was $1.101 billion, a 15% year-over-year increase, attributed to higher shipments of vehicles equipped with Qualcomm's smart cockpit technology [4] - Qualcomm signed a long-term supply agreement with Volkswagen Group, expanding its supply to brands like Audi and Porsche [4] - The company is collaborating with CARIAD and Bosch to develop autonomous driving systems [4] Financial Forecast and Valuation - The report forecasts GAAP net profits of $11.5 billion, $12.5 billion, and $13 billion for FY2026, FY2027, and FY2028 respectively, with growth rates of 107.7%, 8.4%, and 4.2% [4] - The current price corresponds to FY2026-2028 P/E ratios of 14X, 13X, and 12X [4]

Core Insights - The new energy MPV market is experiencing significant growth, with a wide range of models available to cater to different budgets and usage scenarios, from affordable family options to luxury vehicles. Group 1: Market Overview - The new energy MPV market is witnessing a comprehensive explosion due to advancements in technology and evolving travel needs for families and businesses [1] - A review of 10 mainstream new energy MPVs is provided to assist consumers in making informed purchasing decisions [1] Group 2: Vehicle Summaries - **Wuling Xingguang 730 PHEV**: Priced at 103,800 yuan, it features a compact design, practical configurations, and a spacious interior with a total power output of 197 horsepower and a WLTC range of 1,100 km [2][4] - **BYD Xia DM-i**: Ranging from 206,800 to 277,800 yuan, this mid-large MPV offers a maximum power of 115 kW from its 1.5T engine and 200 kW from its electric motor, achieving a fuel consumption of 4.9 L/100 km [5][7] - **GAC Trumpchi E8**: Priced between 216,800 and 238,800 yuan, it features a 2.0L engine with a maximum power of 140 horsepower and an electric motor with 182 horsepower, achieving a fuel consumption of 5.7 L/100 km [8][10] - **Weipai Gaoshan 7**: Starting at 285,800 yuan, this model offers a spacious interior and a powerful hybrid system with a total power output of over 1200 km range and a 0-100 km/h acceleration time of 5.7 seconds [13][15] - **Xpeng X9 Extended Range**: Priced between 309,800 and 329,800 yuan, it boasts a comprehensive range of 1,602 km and a pure electric range of 452 km, with a maximum power output of 210 kW [18][20] - **Buick Zhijing Shijia**: Ranging from 339,900 to 419,900 yuan, it features a hybrid system with a total power of 292 kW and a fuel consumption of 6.68 L/100 km, along with advanced smart cabin technology [22][24] - **Denza D9**: Priced between 309,800 and 600,600 yuan, it offers a maximum range of 1,100 km and a spacious interior with a maximum cargo capacity of 2,310 L [26][28] - **Lantu Dreamer**: Ranging from 349,900 to 709,900 yuan, it features a powerful dual-motor system with a maximum power of 551 horsepower and a 0-100 km/h acceleration time of 5.9 seconds [30][32] - **Li Auto MEGA**: Priced between 529,800 and 559,800 yuan, it is designed for family use with a spacious interior and a dual-motor system providing a maximum power of 520 kW [34][36] - **ZEEKR 009**: Ranging from 439,000 to 899,000 yuan, it features a powerful dual-motor system with a maximum power of 789 horsepower and a range of 702 to 900 km [38][40]

Core Viewpoint - The automotive industry is experiencing a pivotal moment in smart technology, with autonomous driving capabilities becoming a key competitive factor for car manufacturers. The report anticipates a threefold turning point in technology, user acceptance, and business models for smart driving, favoring quality domestic car companies with advanced smart layouts and positive product and brand cycles [1]. Group 1: Market Performance - In January, the overall performance of the car market was subdued, with a total retail market size of approximately 1.8 million vehicles, a month-on-month decrease of 20.4% but a slight year-on-year increase. The retail sales of new energy vehicles are expected to reach 800,000 units, with a penetration rate of 44.4% [1]. - Five sample new force car companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles in January, representing a year-on-year increase of 17.5% but a month-on-month decrease of 28.0%, outperforming the industry average [1]. Group 2: Company-Specific Performance - **Leap Motor**: In January, delivered 32,059 vehicles, a year-on-year increase of 27.4%. The strong performance is attributed to the competitive pricing of models C10 and B01. The company plans to launch its first flagship SUV D19 in April 2026 [2]. - **Xpeng**: Delivered 20,011 vehicles in January, a year-on-year decrease of 34.1% and a month-on-month decrease of 38.0%. The company plans to launch multiple new models in 2026, including the P7+ starting at 186,800 yuan [3]. - **NIO**: Delivered 27,182 vehicles in January, a year-on-year increase of 96.1%. The company is set to deliver its 60,000th ES8 on February 1, 2026, and has launched a new version of its NWM model [4]. - **Li Auto**: Delivered 27,668 vehicles in January. The company has expanded its retail and service network significantly, with 547 retail centers and 3,966 charging stations across the country [4]. - **Zeekr**: Delivered 23,852 vehicles in January, a year-on-year increase of 99.7%. The company plans to launch its second model, Zeekr 8X, in the first half of this year [4]. - **Xiaomi**: Delivered over 39,000 vehicles in January, with plans to launch the new generation SU7 in April 2026 [5][6]. Group 3: Technological Advancements - The era of intelligent driving is accelerating, with companies like Xpeng and those associated with Huawei continuously iterating and promoting smart driving technologies. The advancements are expected to lower the hardware barriers for smart driving, making it accessible in the mainstream market under 200,000 yuan, thus providing a competitive edge against joint venture brands [7].

Group 1 - The core point of the article is that Zeekr 9X has announced that its total deliveries have surpassed 30,000 units, marking a strong start for the automotive market in the Year of the Horse [1] - The average price per vehicle for Zeekr 9X exceeds 530,000 yuan, indicating a premium positioning in the market [1]

Investment Rating - The report maintains a positive investment rating for the new energy vehicle sector, indicating a favorable outlook for the industry [7]. Core Insights - The performance of the new energy vehicle market in January 2026 was relatively flat, with a total retail market size of approximately 1.8 million vehicles, a month-on-month decrease of 20.4%, but a slight year-on-year increase. The penetration rate for new energy vehicles reached 44.4% [4]. - Five key new energy vehicle companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles in January, representing a year-on-year increase of 17.5% but a month-on-month decrease of 28.0%, outperforming the industry average [4]. - The report anticipates a stabilization and recovery in automotive demand post-Chinese New Year, driven by the rollout of local government subsidies and the introduction of new models [4]. Summary by Relevant Sections Delivery Performance - Leap Motor delivered 32,059 vehicles in January, a year-on-year increase of 27.4% but a month-on-month decrease of 31.9%. The strong performance is attributed to the competitive pricing of models C10 and B01 [5]. - Ideal Auto reported 27,668 vehicles delivered, a year-on-year decrease of 7.5% and a month-on-month decrease of 37.5%. The company is focusing on enhancing user experience through software updates and expanding its service network [9]. - NIO delivered 27,182 vehicles, marking a significant year-on-year increase of 96.1% but a month-on-month decrease of 14.2%. The ES8 model was the top performer [6]. - Zeekr delivered 23,852 vehicles, with a year-on-year increase of 99.7% and a month-on-month decrease of 9.3% [10]. - Xpeng delivered 20,011 vehicles, reflecting a year-on-year decrease of 34.1% and a month-on-month decrease of 38.0% [6]. Market Trends - The report highlights the ongoing trend of intelligent driving technology adoption, with companies like Xpeng and Huawei leading the charge. The expectation is that advancements in intelligent driving will lower hardware costs and expand market access [12]. - The report suggests that the intelligent driving capabilities will become a key competitive factor for automakers, with a focus on companies that are leading in this area [12]. Investment Recommendations - The report recommends focusing on companies with strong intelligent driving capabilities and those that are well-positioned in the new energy vehicle supply chain. Specific companies highlighted include Geely, Xpeng, and BYD [12].

时值中国汽车工业向上突破的历史关口，作为中国新一代豪华旗舰，极氪9X的获选，对中国自主品牌 高端化具有重要的里程碑意义。 极氪9X上市以来，连续三个月蝉联50万级豪华品牌销冠，成交均价超过53万，七成订单为顶配，登上 多个平台用户口碑榜第一。 据了解，寰球年度汽车大奖被誉为汽车界奥斯卡，经中国汽车领域权威专家和专业媒体经过多轮投票选 拔而出，经公证处公证，含金量极高。获奖车型必须要兼具市场影响力和用户口碑。 年度汽车大奖今日揭晓，极氪9X以大比例票数优势当选。 ...

2月4日，南都·湾财社记者获悉，极氪9X官宣交付总量已经突破30000台。 极氪9X于2025年9月发布，售价46.59万至59.99万元，单车均价达到53万元。该车搭载了全栈900伏高压 混动架构，续航最高可达1250公里、电量从20%充到80%只要9分钟，首发搭载库里南同款智能主动稳 定杆，及高阶智驾系统等一系列顶尖技术，构建起全面领先的产品力，已连续两个月成为50万级大型 SUV销量冠军。 因订单超预期及特定芯片产能问题，部分高配车型需继续等待交付。对此，极氪推出全行业力度居前的 等待权益，每日补贴200元，累计最高可达12000元，并可直接抵扣车款。据悉，目前极氪9X部分零部 件的产能爬坡已取得积极进展，Max版和Ultra版的提车周期已缩短至2至6周。 此外，面对持续火爆的订单，以及为感谢坚定选择的用户，极氪9X携手徐悲鸿纪念馆并联合中国邮 政，为2026年3月31日前所有锁单车主定制专属"极氪9X×徐悲鸿甄藏礼盒"，以艺术瑰宝送出马年祝 福。值得一提的是，这是继"黄花梨·车主尊享礼盒"、累积金额最高可达12000元的等车感谢金之后，极 氪9X向车主送出的第三份礼物。 （文章来源：南方都市报） ...